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  • Shriya opened a cumulative deposit scheme with a bank for 3 years. If the rate of interest is8% p.a. and the bank pays 1776 as interest at the time of maturity. Find the monthly deposit and the maturity value of the investment.?

Shriya opened a cumulative deposit scheme with a bank for 3 years. If the rate of interest is8% p.a. and the bank pays 1776 as interest at the time of maturity. Find the monthly deposit and the maturity value of the investment.?

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eginarrayl extTotal time of investment left(t ight)=3 extyears\ extInterest rate left(r ight)=8 \% extper annum\ extTotal interest recieved at maturity=1776\ extLet Total maturity value of investment=P\ extTotal Principal value=X\ extSince P-X= extTotal interest recieved at maturityRightarrow P-X=1776 left(1 ight)\ P=Xleft(1+fracr100 ight)^tRightarrow P=Xleft(1+frac8100 ight)^3Rightarrow P=Xleft(1.08 ight)^3Rightarrow P=1.259X left(2 ight)\ extFrom left(1 ight)\ 1.259X-X=1776Rightarrow X=frac17760.259Rightarrow X=6857.14\ P=1.259XRightarrow P=1.259 imes6857.14Rightarrow P=8633.14\ extMonthly deposit=fracX extno. of month in 3 years=frac6857.1436=190.48 extRupees\ extTotal maturity value of investment=P=8633.14 extRupeesendarray

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